Looking beyond the numbers, the best part of the letters is how
he writes about the financial community's reaction to
Greenlight's presentation on Green Mountain Coffee. Einhorn said
it was mostly well-received, and that people mostly took the
fundamentals of the fund's argument into consideration.

And then there was this tidbit:

After our presentation, one of the largest GMCR shareholders sent
us a Keurig coffee brewer and ten K-cup boxes of coffee straight
from the warehouse. Not only did we appreciate the gesture,
it was nice of them to assist in our field research, as
the majority of the K-cups were too close to expiration to be
sold through normal retail channels.

Priceless. A gift that was presumably intended to convince
Einhorn that K-cups were convenient and great actually gave him
another reason to short the company. One question though: Who
checked the expiration date on the coffee cups? An office manager
might deserve a great Christmas bonus this year.

That aside, we should note that the fund returned "(1.2)%, (0.6)%
and (0.8)% net of fees and expenses, respectively, in the third
quarter of 2011, bringing the respective year to date net returns
to (6.2)%, (5.6)% and (6.1)%."

Greenlight also picked up positions in General Motors, CBS Corp, and
Marvel Technology (a hardware company). You can read the entire
letter yourself below.